As part of the Government's package of assistance to sugar cane farmers, announced on 29 April 2004, the Intergenerational Transfer Scheme, will allow older sugar cane farmers to transfer their farm to the next generation without affecting their eligibility for Age Pension or Department of Veterans' Affairs Service Pension.
The scheme will provide sugar cane farmers who satisfy certain criteria with a window of opportunity to gift their farm to the next generation without attracting the gifting rules that usually apply to income support payments.
Many sugar cane industry stakeholders have emphasised the need for sugar cane farms to be more readily handed from one generation to the next. The Intergenerational Transfer Scheme responds to this request.
Total Australian Government funding (including DVA) for this measure is up to $23.3 million over five years.
From the date of royal assent to amending legislation.
Total Financial Impact on FaCS Portfolio
$18.9 million over five years.